Newly redeveloped property spans 400,144 square feet
The Georgetown Company has secured $410 million in financing from SocGen (AKA Société Générale) for 787 11th Avenue. The newly redeveloped property spans 400,144 square feet, and is located between West 54th and West 55th Streets.
Financing details: SocGen provided a 10-year, interest-only CMBS loan. The new mortgage replaces $350 million in construction debt provided by Blackstone, Goldman Sachs, and ICBC in 2016. A portion of the $410 million loan will be placed into a stand alone single-asset CMBS deal (backed by this property alone). The rest will be packaged in a pool with other similar commercial loans. A junior piece will be held by a private buyer, according to CO.
Office tenants will include… Dwight Capital, co-working company Spaces, and Pershing Square Capital. The property is now 90 percent leased. Auto dealerships Jaguar Land Rover and Nissan/Infiniti already occupy the lower floors.
Flashback: Georgetown and Bill Ackman paid $255.5 million for the property in 2015.